The Federal Government has scheduled a stakeholder forum for July 23 and 24, 2025, to discuss the ongoing issues surrounding petrol pricing and supply in Nigeria’s deregulated downstream sector. Organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the event will bring together key players in the oil industry to find solutions to the pricing instability affecting both suppliers and consumers.
Independent marketers have raised concerns over sudden price changes, especially from the Dangote refinery, which they claim affects their ability to sell fuel at fair rates. Billy Gillis-Harry, President of PETROAN, urged the government to create a more transparent pricing system and protect retailers who purchase fuel at high prices. Similarly, PENGASSAN accused marketers of exploiting Nigerians and demanded that petrol prices be kept between N700 and N750 per litre.
Responding to these concerns, NMDPRA’s Francis Ogaree said the Authority is working on standardising petrol prices while also encouraging investment in local refining. He noted that although NMDPRA is still relatively new, it has made significant progress in regulating the sector and issuing refinery licenses. The upcoming summit is expected to be a major step toward addressing these concerns.
Ogaree also gave updates on Nigeria’s refining sector, stating that there are now ten operational and near-operational refineries, including the NNPC’s three refineries, the Dangote refinery, and six modular ones. He revealed that new refineries requiring between 1,000 and 200,000 barrels per day are expected to begin operations by 2026, which could boost domestic fuel production significantly.
However, he warned that the main challenge is the availability of crude oil feedstock to supply the growing number of refineries. With 47 refining licenses already issued, Ogaree stressed the need for Nigeria to increase its crude oil production to meet future demand. Without sufficient feedstock, the country’s efforts to strengthen the downstream oil sector may fall short.
